Electronic toll collection market expected to grow by nearly ten per cent by 2022
2017-04-17|
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Electronic toll collection market expected to grow by nearly ten per cent by 2022
First publishedon www.ITSInternational.com
According to a new market research report by MarketsandMarkets, the electronic toll collection market is estimated to be valued at USD 10.57 Billion by 2022, growing at a CAGR of 9.16% between 2017 and 2022.
This is primarily due to increasing demand for effective solutions for traffic congestion and increasing allocation of funds by various governments on intelligent transportation systems.
Automated vehicle identification (AVI) is used for the identification of vehicles when they move through a particular monitoring point. It helps determine the identification or ownership of the vehicle so that the toll will be charged to the corresponding customer. It finds applications in toll collection, vehicle management, traffic management and safety and law enforcement. Most widely used AVI systems use RFID and plate recognition technologies.
This is primarily due to increasing demand for effective solutions for traffic congestion and increasing allocation of funds by various governments on intelligent transportation systems.
Automated vehicle identification (AVI) is used for the identification of vehicles when they move through a particular monitoring point. It helps determine the identification or ownership of the vehicle so that the toll will be charged to the corresponding customer. It finds applications in toll collection, vehicle management, traffic management and safety and law enforcement. Most widely used AVI systems use RFID and plate recognition technologies.
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